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Ethereum Technical Analysis: ETH/USD bulls eyeing strong recovery

Ethereum price was seen holding strong gains on Tuesday, up over 4% on the day.
ETH/USD breaks out from a bullish pennant pattern formation, leaving the door open for more upside.
Fast return back towards $120 price territory will be on the cards for the bulls.

Ken Chigbo Independent Analyst

ETH/USD 60-minute chart

Spot rate: 112.37

Relative change: +4.10%

High: 113.52

Low: 105.51

Trend: Bullish

Resistance 1: 114.30, daily pivot point resistance.

Resistance 2: 120.42, daily pivot point resistance.

Resistance 3: 124.60, daily pivot point resistance.

Support 1: 111.50, on top of bullish pennant.

Support 2: 104.01, daily pivot point support.

Support 3: 99.84, daily pivot point support.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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